Western Mines Group Ltd (WMG) has successfully completed a capital raise, securing $2,742,099 through a share placement. The financing introduces a new cornerstone shareholder to the company, with the Lowell Resources Fund (LRT) subscribing for a significant stake. This capital infusion is earmarked to support the ongoing exploration and technical development of the company’s flagship project, Mulga Tank.

The investment from Lowell Resources Fund is structured as a two-part deal involving both cash and an equity swap, resulting in the fund taking a 10.6% interest in Western Mines Group. As part of the arrangement, the company will also acquire a stake in the fund, positioning itself as a top-ten holder of LRT. Beyond this cornerstone entry, the placement saw continued backing from existing top-twenty shareholders, including Equentia Natural Resources, which maintained its position in the company.

"We're pleased to welcome Lowell Resources Fund as our new largest shareholder, holding just over 10% of the Company, and the Board is once again grateful for the ongoing support from our existing shareholders, with a number of Top 20 holders, including Equentia, taking part in the raise." — Rex Turkington, Chairman

The proceeds are designated for a series of defined technical catalysts aimed at advancing the Mulga Tank project. These initiatives include the commencement of an upcoming seismic survey, which is expected to provide deeper geophysical insights into the site. Additionally, the funding will support continued reverse circulation and diamond drilling programs, building on recent exploration activity. Beyond the field work, the company is also prioritizing the completion of an initial scoping study for the project.

The placement shares were issued at $0.163 per share, utilizing the company’s existing placement capacity under ASX Listing Rules. A small portion of the raise, involving a direct investment by Non-Executive Director Francesco Cannavo, remains subject to shareholder approval at a forthcoming general meeting. The company has structured the equity swap component of the Lowell investment with a twelve-month escrow period, ensuring alignment between the new cornerstone investor and the company’s near-term development timeline.

With the current funding secured, the technical team, led by managing director Dr. Caedmon Marriott and technical director Dr. Benjamin Grguric, now has the resources required to execute its planned exploration workflow. These upcoming workstreams, specifically the seismic survey and the scoping study, represent key milestones in the company's efforts to define the potential of the project. The support from major shareholders, both new and existing, provides a consolidated runway for the next phase of work at the site.

Read the full announcement: Capital Raise to New Cornerstone Investor